Happy Labor Day, brothers! 💥 Several important data points were released last night, PCE was about what was expected, and it didn't have a big impact.
But the ADP employment data was quite far off; the expectation was 115,000, but it only came in at 62,000, indicating a sharp drop in non-farm employment, which is not great. 😕
As soon as this data came out, U.S. stocks plummeted, and Bitcoin followed suit. However, Bitcoin
had a strong rebound earlier, and it's close to breaking 95,000 again, which is impressive!
So why is the rebound so strong?
It's because the ADP data was poor, making the possibility of a rate cut by the Federal Reserve in June more likely, which is good news.
This week, pay close attention to the non-farm data coming out on Friday at 20:30, along with other data from April.
The overall trend is still positive, but don't expect it to take off all at once; some patience and confidence are needed.
